Govt Brings PSS Act Amendments into Force, Empowers RBI as Central Payments Regulator

Recent amendments to the Payment and Settlement Systems (PSS) Act have formally established the Reserve Bank of India (RBI) as the central regulatory authority for payment systems. These changes significantly expand RBI's oversight capabilities over digital payments, including payment gateways, wallets and other fintech intermediaries. The enhanced regulatory framework aims to strengthen consumer protection, reduce financial fraud, and promote innovation in India's rapidly evolving digital payments ecosystem. This development marks a crucial step in formalizing and streamlining payment system regulations in India.